Accounting Essays

1. An auditor is performing an analytical procedure that involves developing common-size financial statements. This technique is referred to as: a. Vertical Analysis 2. Assertions that have a meaningful bearing on whether an account balance, transaction class or disclosure is fairly stated are referred to as: a. Relevant assertions 3. …

The United States Securities and Exchange Commission, Financial accounting, Standard board. The Securities and Exchange Commission was established in 1934. This guarantee that the market would be protected. The elements of financial management are planning, controlling, organizing, directing and decision making rolls that the financial manager takes in order to …

After reviewing Fly-By-Night International Group’s financial statements there was a lot of evidence that signaled the cash flow problems experienced in mid-year 14. The first problem I encountered was the company’s accounts receivable had steadily increased, rising faster than sales from year nine through year 14. The inventories also increased …

1. Opal Pty Ltd (Opal) is a family-owned company operating chemist shops in Perth. A large portion of the sales transactions are done in cash. Opal claims on having strong control policies and procedures in place to monitor the employees handling the cash and to safeguard the cash. However, the …

Measuring the financial ability is a very important approach for any business entity in order to enhance its overall performance, profits and to maintain a financial stability. Financial performance measures are done in order to depict the company’s overall performance. This is done by performing some simple mathematical calculations. The …

My company choice is Nike Inc. (Nike), a multinational sports footwear, equipment and apparel manufacturing company based in Oregon, United States. This puts Nike in the apparel industry. In 2010, Forbes rated Nike as the top sports business with a total value of $10.7 billion. The most effective marketing strategy …

There are two methods of accounting a business may use to record their transactions; cash basis accounting and accrual basis accounting. While both are effective, most businesses choose accrual basis accounting because cash basis accounting is not an acceptable form of accounting under Generally Accepted Accounting Principles (GAAP). However a …

Flat Cargo Berhad (FCB) was one of the Malaysia largest investment holding air freight companies listed in Bursa Malaysia on 15th September 2001. FCB core business is to provide air freight services and aircraft ground handling services within the Asian region. FCB whollyowned subsidiaries included FC Spare Sdn. Bhd., Cargo …

Fair value accounting, sometimes known as mark to market accounting, has been around for many years and has applied to many types of assets and liabilities accounts. But, special attention has been placed on fair value reporting due to expanding use( or misuse) of financial instruments. FASB and IASB have …

Our client Mark Down had our firm do a will for him several years ago that gives all of his assets to his children (his wife died previously). He also executed a power of attorney, giving his son, Slowe, the power to handle all of his financial assets. Slowe called …